Crown Castle (CCI +15.60%) shares rocketed higher today after news that Space Exploration Technologies may be moving into the mobile phone network business.

News that SpaceX's Starlink might move further into the wireless industry sent Crown Castle stock up 14.2% as of 12:05 p.m. ET.

Image source: Getty Images.

Starlink's constellation of satellites currently aims to bring broadband access to remote locations around the globe. Word that SpaceX just acquired a spectrum portfolio from digital infrastructure company Grain Management now changes the playing field in wireless mobile as well.

SpaceX posted that the move will "pave the way for Starlink Mobile to become a major mobile carrier in the U.S." The move tanked the stocks of other established mobile carriers, but cell tower owners could be the big beneficiaries.

The acquisition still needs federal approval, but if it proceeds, Starlink could begin competing directly with the other wireless carriers, creating opportunities for terrestrial tower operators like Crown Castle.

Analysts noted that to build a mobile network that competes with major industry players, including AT&T, SpaceX would likely need to use traditional cell tower networks.

Earlier this year, Crown Castle sold its fiber and small-cell businesses to become a pure-play cell-tower company. That decision now looks like it might pay off in the long run as SpaceX rejuvenates competition in mobile networks.